MeritValue

PhenixFIN Corp

PFXdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

PhenixFIN Corp earns about 7% on equity, and has bought back 25% of its shares over 5 years. The applicable estimate puts fair value near $58.56 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income—−$6.11M1$26.9M2$18.6M2$4.16M2
Operating cash flow$95.1M3−$29.3M4−$20.7M5$16.1M5−$67.3M5
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$69.4M6$22.8M7$6M8$67.6M9$7.3M9
Diluted shares2.7M2.3M2.1M2.0M2.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$797.83
your share of equity
Profit it earned you last year
$20.62
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $797.83 of net worth that earned you $20.62 last year.

iii. Is this a good business?
Moat signal · return on equity
7% avg · 5y
FY21 —FY22 -5%FY23 18%FY24 12%FY25 3%

It earned an average 7% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−25% shares · 5y

Share count is down 25% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$58.56
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$11.4M
  • growthAssumed0.0%
Graham Number
$60.81
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-09-30 · accession 0001213900-24-109444 (NetIncomeLoss)
  2. 10-K · period ending 2023-09-30 · accession 0001213900-25-120913 (NetIncomeLoss)
  3. 10-K · period ending 2021-09-30 · accession 0001213900-23-098182 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2022-09-30 · accession 0001213900-24-109444 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-09-30 · accession 0001213900-25-120913 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2021-09-30 · accession 0001213900-24-109444 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 10-K · period ending 2022-09-30 · accession 0001213900-23-098182 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2023-09-30 · accession 0001213900-24-109444 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-09-30 · accession 0001213900-25-120913 (CashAndCashEquivalentsAtCarryingValue)